Investor Presentaiton

IIB issuance is expected to be less than NZ$1 billion in 2023/24 30% 25% 20% 15% 10% 5% 0% 2013 2014 2015 Source: NZDM, 15 January 2024 ཨ་ལ་ NZ $billions 6 LO 5 4 3 2 2016 2017 2018 2019 2020 2021 2022 2023 2024 IIIB Issuance (Fiscal Year) (RHS) -IIB Proportion of NZGB 1 Amount issued as of 15 January 2024

View entire presentation